With a user base of more than 3,500,000 people from 200 different countries, it was created in 2017 and currently offers more than 300 trading pairs. The Republic of Seychelles is where the corporation is registered and has its headquarters.
Moreover, BitForex has offices in Singapore, Malaysia, the Philippines, Estonia, Germany, and Estonia. The executive team is made up of Jason Luo, CEO and co-founder, Garrett Jin, VP, and other individuals. The BitForex Token (BF), an ERC20 token that enables the switching ecosystem, is the native token. In addition, they offer a referral scheme that enables clients to profit from referrals.
When compared to other cryptocurrency exchange websites, the site’s dealing engine can handle roughly 1.6 million orders per second, the company claims. The world’s 11th largest 24-hour dealing volume was reported by BitForex, which had a 24 hour transaction volume of USD 315 million.
For account users, BitForex offers a variety of goods and services, such as CApp Town, BF Sector, EazySwap, BitForex MT5, and others that make coin trading simple. The website has a Tiered Margin Ratio System, which helps to prevent the liquidation of notable positions from having a substantial influence on any account’s business liquidity. It presents more significant responsibilities for trade agreements with less leverage. BitForex allows users to take leading positions without putting their money at risk by depositing a percentage of the transaction’s total value and giving the remaining amount.
However, this could lead to a loss because investors with such investments are continually vulnerable to business risk.
One of the features of BitForex that links bitcoin account holders to different Blockchain apps is called CApp Town. Some of the application fields include finance (Matrixport, Paxful), entertainment (Twitch), and information (CoinGecko). Users can even submit their own CApp applications on their corporate website.
The DeFi zone accessible on the website is the BitForex sector, or (BF). The DeFi tokens are listed in this section, and selecting a trading pair under “Spot” will direct the user to the spot exchange if they choose to stake any of the listed tokens.
A decentralized token exchange system based on the ERC20 protocol is called EazySwap. On this exchange, there are over 980 different ERC20 tokens to choose from and trade, plus there are no gas expenses, little slippage, and quick matching. Up to 100% of the trading costs incurred by the liquidity pool are paid to its providers.
The business website only supports ERC20 coins at the moment, however mainnet token support will be added soon. If a user wants to list a token on EazySwap, there are less listing requirements than on other DEXs.
Users can stake Ethereum tokens on BitForex with Ethereum 2.0 Staking. Users have the option to maintain or trade staked ETH at any moment and can begin staking with as low as 0.1 ETH. By staking ETH on BitForex, the website will offer staking incentives and platform fees; the ETH that is staked will become ETH2, which will be immediately tradeable.
Users of BitForex accounts can trade conventional financial products with additional offers and opportunities using the MetaTrader platform (MT5). They intend to widen the BTC industry’s economic environment by offering this product. Base currencies for an MT5 account include BTC, ETH, USDT, and XRP. The charges are negligible.
Social trading, also known as copy trading, will link each user’s portfolio to the portfolios of other users. However, one can use this option for traders using the BitForex trading site account.
While their Quote API uses Get Mode, other APIs use Post Mode. For API queries made outside of APIs, the following information is required: method request/access server addresses, API access credentials, request time, and SignData. A wide variety of data types are supported by Spot’s API, including ticker, depth, cancel an order, symbol, etc.
In recent years, many IEO projects have had no financial benefit. Thankfully, this site presents a fantastic chance for upcoming IEO projects with no room for expansion in this contracting sector. BitForex Turbo is a listing platform designed for high-end IEO listings around the globe. Also, users can check trade pairs, the overall budget, start and end times, etc.
Spot dealing’s user interface is rather straightforward. The price chart is in the center, the order book is on the right, and the assets purchase and sell access options are at the bottom. Trading pairs are on the left.
The UI of this BritFex product is user-friendly. Contact information can be found on the account page’s left side, the order book can be found on the right, and positions with details like P&L and open orders can be found at the bottom. Leverage up to 100 times is possible with a perpetual contract.
| Pros | Cons |
| High liquidity with low trade fees. | Lack of Transparency. |
| Available in Mobile App version. | Many features need more upgrades. |
| Supports more than 163 crypto coins. | |
| Leverage up to 100x. | |
| High-Security features. |
Our BitForex review states that it is crucial to take the exchange fees into account while trading or transferring coins. Several websites charge fees, either for withdrawals, deposits, or both. For a deposit, BitForex does not charge anything. It does, however, levy a withdrawal fee of 0.0005 BTC, which is quite low compared to other cryptocurrency exchanges.
Trading commissions are computed using the Realized P&L. Depending on whether the trader adds or subtracts any liquidity from the trading exchange, pricing for transaction expenses are determined on a maker & taker basis.
Both the maker fee and the taker fee are subject to the spot dealing or flat fee. Compared to the industry rate of 0.25%, the spot trading charge is reduced at 0.1% (for maker and taker).
Perpetual staking in BTC or ETH has a maker cost of 0.04 percent and a taker fee of 0.06 percent. If you trade a currency that isn’t BTC or ETH, the maker and taker costs will both be 0.06 percent.
Those that sell or buy through the MT5 platform are subject to a commission charge from the company. For commodities or currencies, the MT5 cost is 10 USD. The charge for dealing in cryptocurrencies is 0.08% concurrently. Learn more about the BitForex fee structure by clicking here.
The charting interface is one of the most important considerations for any trader trading from an account. especially for traders who rely on technical analysis to gain an edge over their competitors. This is where the TradingView product comes to the job. The interface is ideal for a novice trader who has chosen to use the chart because it provides live pricing. The comprehensive tools (trading tools) can be used to learn, and the indications recommend analyzing, comprehending, and maximizing profits. The tool enables traders to produce trend lines, arrows, and chart patterns in a variety of time frames. Additionally, it supports limit or stop orders.
The following immersive chart indicators are available to account holders and can be added to the chart:
BitForex Token, like every other cryptocurrency token, serves as evidence of platform ownership. The community, trade mining, and ecosystem mutual construction are the main ways that BF tokens are produced, and they are gradually issued. Owners of BF accounts will eventually have the chance to vote on critical platform issues and community administration, with BitForex exchange purchasing back 80% of costs as BF.
As of right now, neither a data breach nor a coin theft from the BitForex website have been reported, according to our examination of the platform. In order to protect customer accounts and funds, BitForex uses a hardware wallet.
To protect the crypto exchange from Distributed Denial of Service (DDoS) attacks, BitForex includes real-time hazardous traffic monitoring software that automatically stops server requests.
The 2FA, or two-factor authentication, is a standard coin security element in trade platforms, and BitForex does have it. In order to successfully log in, the user will be required to enter a registered phone number or email address and a password.
Although being a new company, BitForex exchange’s customer care service has already established a solid reputation in the sector. When it comes to resolving customer service difficulties, the support staff is helpful, considerate, and quick. Users can get in touch with them directly by using their ticketing system product. The crew is skilled at providing immediate answers to many customers’ questions.
Users may find all the information they need concerning dealing fees (including all trading fees), coin withdrawal, deposits, features, tokens, etc., in the BitForex FAQ area. Alternatively, you can email the team or use the live chat feature. Also, the customer service team responds to emails with questions or complaints within hours.
Despite being a newcomer to the cryptocurrency exchange market, BitForex has outperformed many other leading exchanges by achieving a milestone and earning the trust of over 3 million customers. The product enhances the staking experience by providing cutting-edge tools (including all trading instruments) & access to features. The website also offers a mobile app for iOS and Android users, expanding its potential audience.
For staking coins, various altcoins, perpetual contracts, and spot trading, BitForex exchange offers a secure and open environment. The company was designed with security in mind, and 98 percent of customer funds are kept in cold storage wallets. Also, the FAQ section addresses every topic, including safety.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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